<Page>

SCHEDULE 14A INFORMATION

PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES
EXCHANGE ACT OF 1934 (AMENDMENT NO. )

Filed by the Registrant /X/
Filed by a Party other than the Registrant / /

Check the appropriate box:

/ / Preliminary Proxy Statement
/ / CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY RULE
14a-6(e)(2))
/X/ Definitive Proxy Statement
/ / Definitive Additional Materials
/ / Soliciting Material Pursuant to Section 240.14a-12

------------------------------------
OLD MUTUAL/CLAYMORE LONG-SHORT FUND
------------------------------------
(Names of Registrant As Specified in its Charters)

Payment of Filing Fee (Check the appropriate box):

/X/ No Fee Required

/ / Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

(1) Title of each class of securities to which transaction applies:

(2) Aggregate number of securities to which transaction applies:

(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (set forth the amount on which the
filing fee is calculated and state how it was determined):

(4) Proposed maximum aggregate value of transaction:

(5) Total fee paid:

/ / Fee paid previously with preliminary materials.

/ / Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.

(1) Amount Previously Paid:

(2) Form, Schedule or Registration Statement No.:

(3) Filing Party:

(4) Date Filed:
<Page>

[OLD MUTUAL ASSET MANAGEMENT LOGO]

[CLAYMORE LOGO]

OLD MUTUAL/CLAYMORE LONG-SHORT FUND
2455 CORPORATE WEST DRIVE
LISLE, ILLINOIS 60532

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD ON AUGUST 31, 2006

Notice is hereby given to the holders of common shares of beneficial
interest, par value $0.01 per share ("Shares") of Old Mutual/Claymore Long-Short
Fund (the "Fund") that the annual meeting of Shareholders of the Fund (the
"Annual Meeting") will be held at the offices of the Fund, 2455 Corporate West
Drive, Lisle, Illinois 60532, on Thursday, August 31, 2006, at 11:30 a.m.
Central time. The Annual Meeting is being held for the following purposes:

1. To elect two Trustees as Class I Trustees to serve until the Fund's
2009 annual meeting of Shareholders or until successors shall have
been elected and qualified;

2. To transact such other business as may properly come before the Annual
Meeting or any adjournments or postponements thereof.

THE BOARD OF TRUSTEES (THE "BOARD") OF THE FUND, INCLUDING THE INDEPENDENT
TRUSTEES, UNANIMOUSLY RECOMMENDS THAT YOU VOTE "FOR" EACH PROPOSAL.

The Board has fixed the close of business on July 25, 2006 as the record
date for the determination of Shareholders entitled to notice of, and to vote
at, the Annual Meeting. WE URGE YOU TO MARK, SIGN, DATE, AND MAIL THE ENCLOSED
PROXY IN THE POSTAGE-PAID ENVELOPE PROVIDED OR RECORD YOUR VOTING INSTRUCTIONS
VIA TELEPHONE SO YOU WILL BE REPRESENTED AT THE ANNUAL MEETING.

By order of the
Board of Trustees

/s/ Nicholas Dalmaso

Nicholas Dalmaso
Trustee, Chief Legal and Executive Officer

Lisle, Illinois
July 27, 2006

IT IS IMPORTANT THAT YOUR SHARES BE REPRESENTED AT THE ANNUAL MEETING IN
PERSON OR BY PROXY. WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL MEETING, PLEASE
VOTE BY TELEPHONE OR MAIL. IF VOTING BY MAIL PLEASE SIGN, DATE AND RETURN THE
ENCLOSED PROXY CARD IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE. IF YOU ATTEND THE
ANNUAL MEETING AND WISH TO VOTE IN PERSON, YOU WILL BE ABLE TO DO SO AND YOUR
VOTE AT THE ANNUAL MEETING WILL REVOKE ANY PROXY YOU MAY HAVE SUBMITTED. MERELY
ATTENDING THE ANNUAL MEETING, HOWEVER, WILL NOT REVOKE ANY PREVIOUSLY SUBMITTED
PROXY. YOUR VOTE IS EXTREMELY IMPORTANT. NO MATTER HOW MANY OR HOW FEW SHARES
YOU OWN, PLEASE SEND IN YOUR PROXY CARD (OR VOTE BY TELEPHONE PURSUANT TO THE
INSTRUCTIONS CONTAINED ON THE PROXY CARD) TODAY.

<Page>

OLD MUTUAL/CLAYMORE LONG-SHORT FUND
PROXY STATEMENT
FOR
ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD ON AUGUST 31, 2006

This document gives you information you need to vote on the matters listed
on the accompanying Notice of Annual Meeting of Shareholders ("Notice of Annual
Meeting"). Much of the information in this proxy statement ("Proxy Statement")
is required under rules of the Securities and Exchange Commission ("SEC"); some
of it is technical. If there is anything you don't understand, please contact us
at our toll-free number, (800) 345-7999.

This Proxy Statement is furnished to the holders of common shares of
beneficial interest, par value $0.01 per share ("Shares"), of Old
Mutual/Claymore Long-Short Fund (the "Fund") in connection with the solicitation
by the Board of Trustees of the Fund (the "Board") of proxies to be voted at the
annual meeting of Shareholders of the Fund to be held on Thursday, August 31,
2006, and any adjournment or postponement thereof (the "Annual Meeting"). The
Annual Meeting will be held at the offices of the Fund, 2455 Corporate West
Drive, Lisle, Illinois 60532 on August 31, 2006, at 11:30 a.m. Central time.
This Proxy Statement and the enclosed proxy card are first being sent to the
Fund's Shareholders on or about July 31, 2006.

- WHY IS A SHAREHOLDER MEETING BEING HELD?

The Fund's Shares are listed on the New York Stock Exchange (the
"NYSE"), which requires the Fund to hold a meeting of Shareholders to
elect Trustees each fiscal year.

- WHAT PROPOSAL WILL BE VOTED ON AT THE ANNUAL MEETING?

Shareholders of the Fund are being asked to vote on the following
proposal at the Annual Meeting:

To elect two Trustees as Class I Trustees to serve until the Fund's
2009 annual meeting of Shareholders or until successors shall have
been elected and qualified.

- WILL YOUR VOTE MAKE A DIFFERENCE?

YES! Your vote is important and could make a difference in the
governance of the Fund, no matter how many Shares you own.

- WHO IS ASKING FOR YOUR VOTE?

The enclosed proxy is solicited by the Board for use at the Annual
Meeting to be held on Thursday, August 31, 2006, and, if the Annual
Meeting is adjourned or postponed, at any later meetings, for the
purposes stated in the Notice of Annual Meeting (see previous page). The
Notice of Annual Meeting, the proxy and this Proxy Statement are being
mailed on or about July 31, 2006.

- HOW DOES THE BOARD RECOMMEND THAT SHAREHOLDERS VOTE ON THE PROPOSAL?

The Board recommends that you vote "FOR" the proposal.

- WHO IS ELIGIBLE TO VOTE?

Shareholders of record of the Fund at the close of business on July 25,
2006 are entitled to be present and to vote at the Annual Meeting or any
adjournment or postponement thereof. Each Share is entitled to one vote.
Shares represented by duly executed proxies will be voted in accordance
with your instructions. If you sign the proxy, but don't fill in a vote,
your Shares will be voted in accordance with the Board's recommendation.
If any other business is brought before the Annual Meeting, your Shares
will be voted at the proxies' discretion unless you specify otherwise in
your proxy.

Shareholders who execute proxies may revoke them at any time before they
are voted by filing with the Fund a written notice of revocation, by
delivering a duly executed proxy bearing a later date or by attending
the Meeting and voting in person. Merely attending the Annual Meeting,
however, will not revoke any previously submitted proxy.

- HOW MANY SHARES OF THE FUND WERE OUTSTANDING AS OF THE RECORD DATE?

At the close of business on July 25, 2006, the Fund had 19,005,240
Shares outstanding.

1
<Page>

THE PROPOSAL: ELECTION OF TRUSTEES

The Fund's Shares are listed on the NYSE, which requires the Fund to
hold a meeting of Shareholders to elect Trustees each fiscal year. Therefore,
Shareholders of the Fund are being asked to elect two Trustees (Matthew J.
Appelstein and Randall C. Barnes are the nominees) as Class I Trustees to
serve until the Fund's 2009 annual meeting of Shareholders or until their
respective successors shall have been elected and qualified.

COMPOSITION OF THE BOARD OF TRUSTEES

The Trustees of the Fund are classified into three classes of Trustees:
Class I Trustees, Class II Trustees and Class III Trustees. Assuming each of the
nominees is elected at the Annual Meeting, the Board will be constituted as
follows:

CLASS I TRUSTEES
-Mr. Matthew J. Appelstein and Mr. Randall C. Barnes are the Class I
Trustees. Mr. Appelstein and Mr. Barnes are standing for election at the
Annual Meeting. It is currently anticipated that the Class I Trustees
will next stand for election at the Fund's 2009 annual meeting of
Shareholders.

CLASS II TRUSTEES
-Mr. Steven D. Cosler, Mr. Nicholas Dalmaso and Mr. Robert M. Hamje are
the Class II Trustees. It is currently anticipated that the Class II
Trustees will stand for election at the Fund's 2007 annual meeting of
Shareholders.

CLASS III TRUSTEES
-Mr. L. Kent Moore, Mr. Ronald A. Nyberg and Mr. Ronald E. Toupin, Jr.
are the Class III Trustees. It is currently anticipated that the Class
III Trustees will stand for election at the Fund's 2008 annual meeting of
Shareholders.

Generally, the Trustees of only one class are elected at each annual
meeting, so that the regular term of only one class of Trustees will expire
annually and any particular Trustee stands for election only once in each three
year period. Each Class I Trustee will hold office for three years or until his
successor shall have been elected and qualified. The other Trustees of the Fund
will continue to serve under their current terms as described above. Unless
authority is withheld, it is the intention of the persons named in the proxy to
vote the proxy "FOR" the election of the Class I Trustees named above. Each
Class I Trustee nominee has indicated that he has consented to serve as a
Trustee if elected at the Annual Meeting. If a designated nominee declines or
otherwise becomes unavailable for election, however, the proxy confers
discretionary power on the persons named therein to vote in favor of a
substitute nominee or nominees.

Certain information concerning the Trustees and officers of the Fund is set
forth in the tables below. The "interested" Trustees (as defined in Section
2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act")) are
indicated below. Independent Trustees are those who are not interested persons
of the Fund, the Fund's investment adviser, Claymore Advisors, LLC ("Claymore"
or the "Adviser"), or the Fund's sub-adviser, Analytic Investors, Inc.
("Analytic" or the "Sub-Adviser"), and comply with the definition of
"independent" (as defined in Rule 10A-3 of the Securities Exchange Act of 1934)
(the "Independent Trustees").

The Fund is part of a fund complex (referred to herein as the "Fund
Complex") comprised of fourteen closed-end funds, including the Fund, and five
open-end funds.

2
<Page>

TRUSTEES

<Table>
<Caption>
NUMBER OF
TERM OF PORTFOLIOS
OFFICE AND IN FUND
POSITION(s) LENGTH COMPLEX
HELD TIME OF PRINCIPAL OCCUPATION OVERSEEN OTHER DIRECTORSHIPS
NAME, ADDRESS(1) AND AGE WITH FUND SERVED(2) DURING THE PAST FIVE YEARS BY TRUSTEE HELD BY TRUSTEE
- ------------------------ ---------- ---------- -------------------------- ---------- -------------------

INDEPENDENT TRUSTEES:

Randall C. Barnes(3) Trustee Trustee Formerly, Senior Vice 14 None.
Year of birth: 1951 since 2005 President, Treasurer
(1993-1997), President,
Pizza Hut International
(1991-1993) and Senior
Vice President, Strategic
Planning and New Business
Development (1987-1990) of
PepsiCo, Inc. (1987-1997).

Steven D. Cosler Trustee Trustee Formerly, President, Chief 2 Director, Cydex,
Year of birth: 1955 since 2005 Executive Officer and Inc.
Director of Priority
Healthcare Corporation
(2002-2005). Formerly,
President and Chief
Operating Officer of
Priority Healthcare
Corporation (2001-2002).
Formerly, Executive Vice
President and Chief
Operating Officer of
Priority Healthcare
Corporation (1997-2001).

Robert M. Hamje Trustee Trustee Advisor to the Cleveland 2 Trustee, Old Mutual
Year of birth: 1942 since 2005 Foundation Investment Advisor Funds.
Committee. Formerly,
President and Chief
Investment Officer of TRW
Investment Management
Company (1990-2003).

L. Kent Moore Trustee Trustee Partner at WillSource 2 Trustee, Old Mutual
Year of birth: 1955 since 2005 Enterprise (2005-present). Advisor Funds.
Previously, Managing
Director High Sierra
Energy L.P., (2004-2005).
Formerly, Portfolio
Manager and Vice President
of Janus Capital Corp.
(2000-2002) and Senior
Analyst / Portfolio
Manager of Marsico Capital
Management (1997-1999).

Ronald A. Nyberg Trustee Trustee Principal of Ronald A. 17 None.
Year of birth: 1953 since 2005 Nyberg, Ltd., a law firm
specializing in corporate
law, estate planning and
business transactions
(2000-present). Formerly,
Executive Vice President,
General Counsel and
Corporate Secretary of Van
Kampen Investments
(1982-1999).
</Table>

3
<Page>

Ronald E. Toupin, Jr. Trustee Trustee Formerly Vice President, 15 None.
Year of birth: 1958 since 2005 Manager and Portfolio
Manager of Nuveen Asset
Management (1998-1999),
Vice President of Nuveen
Investment Advisory
Corporation (1992-1999),
Vice President and Manager
of Nuveen Unit Investment
Trusts (1991-1999), and
Assistant Vice President
and Portfolio Manager of
Nuveen Unit Trusts
(1988-1999), each of John
Nuveen & Company, Inc.
(asset manager)
(1982-1999).

INTERESTED TRUSTEES:

Matthew J. Trustee Trustee Director of Investment 2 Trustee, Old Mutual
Appelstein+(3) since 2005 Services, Old Mutual Asset Advisor Funds.
Year of birth: 1961 Management (2003-present).
Formerly, Senior Vice
President of Consulting
Relationship and Director
of Investment Services,
Fidelity Management Trust
Company (1998-2003).

Nicholas Dalmaso+ Trustee, Trustee Senior Managing Director 17 None.
Year of birth: 1965 Chief Legal since 2005 and General Counsel of
and Claymore Advisors, LLC and
Executive Claymore Securities, Inc.
Officer (2001-present); President
and Secretary of Claymore
Investments, Inc.
(2004-present); Chief
Legal and Executive
Officer of certain funds
in the Fund complex.
Formerly, Assistant
General Counsel, John
Nuveen and Company Inc.
(1999-2001). Formerly,
Vice President and
Associate General Counsel
of Van Kampen Investments,
Inc. (1992-1999).
</Table>

- ----------
+ "Interested person" of the Fund as defined in the 1940 Act. Mr.
Appelstein is an interested person of the Fund because he is an officer
of Old Mutual Asset Management, the parent company of Analytic. Mr.
Dalmaso is an interested person of the Fund because he is an officer of
the Adviser and certain of its affiliates.

(1) The business address of each Trustee of the Fund is 2455 Corporate West
Drive, Lisle, Illinois 60532, unless otherwise noted.

(2) After a Trustee's initial term, each Trustee is expected to serve a
three year term concurrent with the class of Trustees for which he
serves.

(3) Nominee for election as a Trustee at the Annual Meeting.

4
<Page>

EXECUTIVE OFFICERS

The following information relates to the executive officers of the Fund who
are not Trustees. The officers are appointed by the Trustees and serve until
their respective successors are chosen and qualified. The Fund's officers
receive no compensation from the Fund but may also be officers or employees of
the Adviser, the Sub-Adviser or affiliates of the Adviser or the Sub-Adviser and
may receive compensation in such capacities.

OFFICERS:

<Table>
<Caption>
PRINCIPAL OCCUPATION DURING
NAME, ADDRESS(1) AND AGE TITLE THE PAST FIVE YEARS
- ------------------------ --------------------- ------------------------------------------------

Steven M. Hill Chief Financial Senior Managing Director and Chief Financial
Year of birth: 1964 Officer, Chief Officer (2005-present), Managing Director
Accounting Officer (2003-2005) of Claymore Advisors, LLC and
and Treasurer Claymore Securities, Inc.; Chief Financial
Officer, Chief Accounting Officer and Treasurer
of certain funds in the Fund Complex.
Previously, Treasurer of Henderson Global Funds
and Operations Manager for Henderson Global
Investors (NA) Inc. (2002-2003); Managing
Director, FrontPoint Partners LLC (2001-2002);
Vice President, Nuveen Investments (1999-2001);
Chief Financial Officer, Skyline Asset
Management LP, (1999); Vice President, Van
Kampen Investments and Assistant Treasurer, Van
Kampen mutual funds (1989-1999).

Melissa Nguyen Secretary Vice President of Claymore Securities, Inc.
Year of birth: 1978 (2005-present). Secretary of certain funds in
the Fund Complex. Formerly, Associate, Vedder,
Price, Kaufman & Kammholz, P.C. (2003-2005).

Bruce Saxon Chief Compliance Vice President - Fund Compliance Officer of
Year of birth: 1957 Officer Claymore Securities, Inc. (Feb. 2006-present).
Chief Compliance Officer of certain funds in the
Fund Complex. Chief Compliance Officer/Assistant
Secretary of Harris Investment Management, Inc.
(2003-2006). Director-Compliance of Harrisdirect
LLC (1999-2003).

Jim Howley Assistant Treasurer Vice President, Fund Administration of Claymore
Year of birth: 1972 Securities, Inc. (2004-present). Assistant
Treasurer of certain funds in the Fund Complex.
Previously, Manager, Mutual Fund Administration
of Van Kampen Investments, Inc.
</Table>

- ----------
(1) The business address of each officer of the Fund is 2455 Corporate West
Drive, Lisle, Illinois 60532, unless otherwise noted.

BOARD COMMITTEES

The Trustees have determined that the efficient conduct of the Trustees'
affairs makes it desirable to delegate responsibility for certain specific
matters to committees of the Board. The committees meet as often as necessary,
either in conjunction with regular meetings of the Trustees or otherwise. Two of
the committees of the Board are the Audit Committee and the Nominating and
Governance Committee.

AUDIT COMMITTEE. The Board has an Audit Committee, which is charged with
selecting an independent registered public accounting firm for the Fund and
reviewing accounting matters with the Fund's independent registered public
accounting firm. Each member of the Audit Committee is an Independent Trustee as
defined above and also meets the additional independence requirements for audit
committee members as defined by the NYSE.

The Audit Committee presents the following report:

The Audit Committee has performed the following functions: (i) the Audit
Committee reviewed and discussed the audited financial statements of the Fund
with management of the Fund, (ii) the Audit Committee discussed with the Fund's
independent registered public accounting firm the matters required to be
discussed by the Statement on Auditing Standards No. 61, (iii) the Audit
Committee received the written disclosures and the letter from the Fund's
independent registered public accounting firm required by Indendence Standards
Board Standard No. 1 and has discussed with the Fund's independent registered
public accounting firm the independence of the Fund's independent registered
public accounting firm and (iv) the Audit Committee recommended to the Board of
Trustees of the Fund that the financial statements be included in the Fund's
Annual Report for the past fiscal period.

The members of the Audit Committee are Randall C. Barnes, Steven D. Cosler,
Robert M. Hamje, L. Kent Moore, Ronald A. Nyberg and Ronald E. Toupin, Jr.

5
<Page>

The Audit Committee is governed by a written charter, the most recent
version of which was approved by the Board on July 18, 2005 (the "Audit
Committee Charter"). In accordance with proxy rules promulgated by the SEC, a
fund's audit committee charter is required to be filed at least once every three
years as an exhibit to a fund's proxy statement. The Fund's Audit Committee
Charter is attached hereto as Appendix A.

NOMINATING AND GOVERNANCE COMMITTEE. The Board has a Nominating and
Governance Committee, which is composed of Randall C. Barnes, Steven D. Cosler,
Robert M. Hamje, L. Kent Moore, Ronald A. Nyberg and Ronald E. Toupin, Jr., each
of whom is an Independent Trustee as defined above and is "independent" as
defined by NYSE listing standards.

The Nominating and Governance Committee is governed by a written charter
(the "Nominating and Governance Committee Charter"). In accordance with proxy
rules promulgated by the SEC, a fund's nominating committee charter is required
to be filed at least once every three years as an exhibit to a fund's proxy
statement. The Fund's Nominating and Governance Committee Charter is attached
hereto as Appendix B.

The Nominating and Governance Committee (i) evaluates and recommends all
candidates for election or appointment as members of the Board and recommends
the appointment of members and chairs of each committee of the Board, (ii)
reviews policy matters affecting the operation of the Board and committees of
the Board, (iii) periodically evaluates the effectiveness of the Board and
committees of the Board and (iv) oversees the contract review process, including
review of the Fund's advisory agreements and other contracts with affiliated
service providers. In considering Trustee nominee candidates, the Nominating and
Governance Committee requires that Trustee candidates have a college degree or
equivalent business experience and may take into account a wide variety of
factors in considering Trustee candidates, including (but not limited to):
availability and commitment of a candidate to attend meetings and perform the
responsibilities of a Trustee, relevant experience, educational background,
financial expertise, the candidate's ability, judgment and expertise and overall
diversity of the Board's composition. The Nominating and Governance Committee
may consider candidates recommended by various sources, including (but not
limited to): the Fund's Trustees, officers, investment advisers and
shareholders. The Nominating and Governance Committee will not nominate a person
for election to the Board as a Trustee, after such person has reached
the age of seventy-two (72), unless such person is an "interested person" of
the Fund as defined in the 1940 Act. The Nominating and Governance Committee
may, but is not required to, retain a third party search firm to identify
potential candidates.

The Nominating and Governance Committee will consider Trustee candidates
recommended by the Fund's Shareholders. The Committee will consider and evaluate
Trustee nominee candidates properly submitted by Shareholders on the same basis
as it considers and evaluates candidates recommended by other sources. To have a
candidate considered by the Nominating and Governance Committee, a Shareholder
must submit the recommendation in writing and must include the information
required by the "Procedures for Shareholders to Submit Nominee Candidates,"
which are set forth as Appendix B to the Fund's Nominating and Governance
Committee Charter which is attached hereto as Appendix B. Shareholder
recommendations must be sent to the Fund's Secretary, c/o Claymore Advisors,
LLC, 2455 Corporate West Drive, Lisle, Illinois 60532.

The nominees for election at the Annual Meeting currently serve as Trustees
and were unanimously nominated by the Board of Trustees and the Nominating and
Governance Committee.

SHAREHOLDER COMMUNICATIONS

Shareholders and other interested parties may contact the Board or any
member of the Board by mail. To communicate with the Board or any member of the
Board, correspondence should be addressed to the Board of Trustees or the Board
members with whom you wish to communicate by either name or title. All such
correspondence should be sent c/o the Fund's Secretary, c/o Claymore Advisors,
LLC, 2455 Corporate West Drive, Lisle, Illinois 60532.

6
<Page>

TRUSTEE BENEFICIAL OWNERSHIP OF SECURITIES

As of July 25, 2006, each Trustee beneficially owned equity securities of
the Fund and other funds in the Fund Complex overseen by the Trustee in the
dollar range amounts as specified below:

<Table>
<Caption>
DOLLAR RANGE OF EQUITY AGGREGATE DOLLAR RANGE OF EQUITY SECURITIES
NAME OF TRUSTEE SECURITIES IN THE FUND OVERSEEN BY TRUSTEES IN THE FUND COMPLEX
--------------- ---------------------- -------------------------------------------

INDEPENDENT TRUSTEES:
Randall C. Barnes over $100,000 over $100,000
Steven D. Cosler 0 $10,001-$50,000
Robert M. Hamje 0 $50,001-$100,000
L. Kent Moore 0 over $100,000
Ronald A. Nyberg $1-$10,000 over $100,000
Ronald E. Toupin, Jr. 0 0

INTERESTED TRUSTEES:
Matthew Appelstein 0 0
Nicholas Dalmaso 0 0
</Table>

As of July 25, 2006, each Trustee and the Trustees and officers of the Fund
as a group owned less than 1% of the outstanding Shares of the Fund.

BOARD MEETINGS

During the Fund's initial fiscal period ended December 31, 2005, the Board
held four meetings, the Fund's Audit Committee held no meetings and the Fund's
Nominating and Governance Committee held one meeting.

Each Trustee attended at least 75% of the meetings of the Board (and any
committee thereof on which he serves) held during the Fund's initial fiscal
period ended December 31, 2005. It is the Fund's policy to encourage Trustees to
attend annual Shareholders' meetings.

TRUSTEE COMPENSATION

The Fund pays an annual retainer and fee per meeting attended to each
Trustee who is not affiliated with the Adviser, the Sub-Adviser or their
respective affiliates and pays an additional annual fee to the chairman of the
Board and of any committee of the Board. The following table provides
information regarding the compensation of the Fund's Trustees for the Fund's
initial fiscal period ended December 31, 2005. The Fund does not accrue or pay
retirement or pension benefits to Trustees as of the date of this proxy
statement.

<Table>
<Caption>
COMPENSATION TOTAL COMPENSATION
NAME OF BOARD MEMBER(1) FROM THE FUND FROM THE FUND COMPLEX
----------------------- ------------- ---------------------

Randall C. Barnes $ 7,250 $ 86,750
Steven D. Cosler $ 7,250 $ 18,250
Robert M. Hamje $ 7,250 $ 29,750
L. Kent Moore $ 7,250 $ 29,750
Ronald A. Nyberg $ 6,625 $ 231,875
Ronald E. Toupin, Jr. $ 7,625 $ 205,375
</Table>

- ----------
(1) Trustees not eligible for compensation are not included in the above
table.

SHAREHOLDER APPROVAL

The affirmative vote of a plurality of the Shares voted is necessary to
elect a Trustee. The holders of the Fund's Shares will have equal voting rights
(i.e. one vote per Share).

The Board of the Fund, including the Independent Trustees, unanimously
recommends that you for "FOR ALL" of the nominees for the Board of Trustees
listed in the Proxy Statement.

ADDITIONAL INFORMATION

FURTHER INFORMATION ABOUT VOTING AND THE ANNUAL MEETING

Information regarding how to vote via telephone is included on the enclosed
proxy card.

7
<Page>

Thirty percent (30%) of the Shares entitled to vote on the Proposal must be
present in person or by proxy to have a quorum for the Fund to conduct business
at the Meeting. Abstentions and "broker non-votes" (i.e., Shares held by brokers
or nominees as to which (i) instructions have not been received from the
beneficial owner or the persons entitled to vote and (ii) the broker does not
have discretionary voting power on a particular matter) will be counted as
Shares present at the Annual Meeting for quorum purposes. Abstentions and broker
non-votes will have no effect on the outcome of the vote on the Proposal.

All properly executed proxies received prior to the Annual Meeting will be
voted at the Annual Meeting in accordance with the instructions marked thereon
or otherwise as provided therein. IF NO SPECIFICATION IS MADE ON A PROXY CARD,
IT WILL BE VOTED FOR THE PROPOSAL SPECIFIED ON THE PROXY CARD. Shareholders may
revoke their proxies at any time prior to the time they are voted by giving
written notice to the Secretary of the Fund, by delivering a subsequently dated
proxy prior to the date of the Annual Meeting or by attending and voting at the
Annual Meeting.

The Board has fixed the close of business on July 25, 2006 as the record
date for the determination of Shareholders of the Fund entitled to notice of,
and to vote at, the Annual Meeting. Shareholders of the Fund on that date will
be entitled to one vote on each matter to be voted on by the Fund for each Share
held and a fractional vote with respect to fractional Shares with no cumulative
voting rights.

ADVISER AND SUB-ADVISER

Claymore Advisors, LLC, a wholly-owned subsidiary of Claymore Group Inc.,
acts as the Fund's investment adviser. As of June 30, 2006, Claymore entities
have provided supervision, management, servicing or distribution on
approximately $14 billion in assets through closed-end funds, unit investment
trusts, mutual funds, separately managed accounts and exchange-traded funds.
Claymore is located at 2455 Corporate West Drive, Lisle, Illinois 60532.

Analytic Investors, Inc. acts as the Fund's investment sub-adviser and is
responsible for the day-to-day management of the Fund's portfolio. As of June
30, 2006, Analytic managed approximately $12.4 billion in total assets. Analytic
is located at 500 South Grand Avenue, Los Angeles, California 90071. Analytic is
wholly-owned by Old Mutual (US) Holdings Inc., a wholly-owned subsidiary of Old
Mutual plc, a London-based, multinational financial services firm. As of March
31, 2006, Old Mutual plc and its affiliates had approximately $432 billion of
assets under management. Old Mutual plc is among the top 50 global financial
services firms, based on assets under management.

ADMINISTRATOR

Claymore Advisors, LLC, located at 2455 Corporate West Drive, Lisle,
Illionis 60532, serves as the Fund's administrator.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Ernst & Young LLP ("E&Y") has been selected as the independent registered
public accounting firm by the Audit Committee of the Fund and approved by a
majority of the Fund's Board, including a majority of the Independent Trustees,
to audit the accounts of the Fund for and during the Fund's initial fiscal
period ended in 2005 and fiscal year ending in 2006. The Fund does not know of
any direct or indirect financial interest of E&Y in the Fund.

Representatives of E&Y will attend the Annual Meeting, will have the
opportunity to make a statement if they desire to do so and will be available to
answer questions.

AUDIT FEES

The aggregate fees billed to the Fund by E&Y for professional services
rendered for the audit of the Fund's annual financial statements for the Fund's
initial fiscal period ended December 31, 2005 were approximately $34,000.

AUDIT-RELATED FEES

The aggregate fees billed by E&Y and approved by the Audit Committee of the
Fund for the Fund's initial fiscal period ended December 31, 2005 for assurance
and related services reasonably related to the performance of the audit of the
Fund's annual financial statements were $15,000 (such fees relate to services
rendered, and

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out of pocket expenses incurred, in connection with the Fund's registration
statements, comfort letters and consents). E&Y did not perform any other
assurance and related services that were required to be approved by the
Fund's Audit Committee for such period.

TAX FEES

The aggregate fees billed by E&Y and approved by the Audit Committee of the
Fund for the Fund's initial fiscal period ended December 31, 2005 for
professional services rendered for tax compliance, tax advice, and tax planning
were $6,000 (such fees relate to tax services provided by E&Y in connection with
the Fund's excise tax calculations and review of the Fund's tax returns). E&Y
did not perform any other tax compliance or tax planning services or render any
tax advice that were required to be approved by the Fund's Audit Committee for
such period.

ALL OTHER FEES

Other than those services described above, E&Y did not perform any other
services on behalf of the Fund for the Fund's initial fiscal period ended
December 31, 2005.

AGGREGATE NON-AUDIT FEES

The aggregate non-audit fees billed by E&Y for services rendered to the
Fund, the Adviser and any entity controlling, controlled by or under common
control with the Adviser that provides ongoing services to the Fund (not
including a sub-adviser whose primary role is portfolio management and is
sub-contracted with or overseen by another investment adviser) that directly
related to the operations and financial reporting of the Fund for the Fund's
initial fiscal period ended December 31, 2005 were $0.

AUDIT COMMITTEE'S PRE-APPROVAL POLICIES AND PROCEDURES

As noted above, the Audit Committee is governed by the Audit Committee
Charter, which includes Pre-Approval Policies and Procedures in Section IV of
such Charter. The Fund's Audit Committee Charter is attached hereto as Appendix
A. The Audit Committee of the Fund has pre-approved all audit and non-audit
services provided by E&Y to the Fund, and all non-audit services provided by E&Y
to the Adviser, or any entity controlling, controlled by, or under common
control with the Adviser that provides ongoing services to the Fund that are
related to the operations of the Fund.

None of the services described above for the Fund's initial fiscal period
ended December 31, 2005 were approved by the Audit Committee pursuant to the
pre-approval exception under Rule 2-01(c)(7)(i)(C) of Regulation S-X promulgated
by the SEC.

PRINCIPAL SHAREHOLDERS

As of July 25, 2006, to the knowledge of the Fund, no person beneficially
owned more than 5% of the voting securities of any class of securities of the
Fund.

FINANCIAL STATEMENTS AND OTHER INFORMATION

THE FUND WILL FURNISH, WITHOUT CHARGE, A COPY OF THE FUND'S MOST RECENT
ANNUAL REPORT AND SEMI-ANNUAL REPORT TO ANY SHAREHOLDER UPON REQUEST. REQUESTS
SHOULD BE DIRECTED TO CLAYMORE SECURITIES, INC., 2455 CORPORATE WEST DRIVE,
LISLE, ILLINOIS 60532, (866) 882-0688.

SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Section 16(a) of the Securities Exchange Act of 1934 and Section 30(h) of
the 1940 Act require the Fund's officers and Trustees, certain officers of the
Fund's investment adviser, affiliated persons of the investment adviser, and
persons who beneficially own more than ten percent of the Fund's Shares to file
certain reports of ownership ("Section 16 filings") with the SEC and the New
York Stock Exchange. Based upon the Fund's review of the copies of such forms
effecting the Section 16 filings received by it, the Fund believes that for
Fund's initial fiscal period ended December 31, 2005, all filings applicable to
such persons were completed and filed in a timely manner, except as follows: a
Form 3 submission, disclosing that Bruce Saxon became a reporting person of the
Fund, inadvertently was not filed in a timely manner and a Form 4 submission
relating to a transaction in the Fund's Shares by Randall C. Barnes
inadvertently was not filed in a timely manner.

PRIVACY PRINCIPLES OF THE FUND

The Fund is committed to maintaining the privacy of Shareholders and to
safeguarding their non-public personal information. The following information is
provided to help you understand what personal information

9
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the Fund collects, how the Fund protects that information and why, in certain
cases, the Fund may share information with select other parties.

Generally, the Fund does not receive any non-public personal information
relating to its Shareholders, although certain non-public personal information
of its Shareholders may become available to the Fund. The Fund does not disclose
any non-public personal information about its Shareholders or former
shareholders to anyone, except as permitted by law or as is necessary in order
to service Shareholder accounts (for example, to a transfer agent or third party
administrator).

The Fund restricts access to non-public personal information about the
Shareholders to employees of the Adviser with a legitimate business need for the
information. The Fund maintains physical, electronic and procedural safeguards
designed to protect the non-public personal information of its Shareholders.

DEADLINE FOR SHAREHOLDER PROPOSALS

Shareholder proposals intended for inclusion in the Fund's proxy statement
in connection with the Fund's 2007 annual meeting of Shareholders pursuant to
Rule 14a-8 under the Securities Exchange Act of 1934 (the "Exchange Act") must
be received by the Fund at the Fund's principal executive offices by March 29,
2007. In order for proposals made outside of Rule 14a-8 under the Exchange Act
to be considered "timely" within the meaning of Rule 14a-4(c) under the Exchange
Act, such proposals must be received by the Fund at the Fund's principal
executive offices not later than June 12, 2007.

EXPENSES OF PROXY SOLICITATION

The cost of soliciting proxies will be borne by the Fund. Certain officers
of the Fund and certain officers and employees of Claymore or its affiliates
(none of whom will receive additional compensation therefore), may solicit
proxies by telephone, mail, e-mail and personal interviews. Brokerage houses,
banks and other fiduciaries may be requested to forward proxy solicitation
material to their principals to obtain authorization for the execution of
proxies, and will be reimbursed by the Fund for such out-of-pocket expenses.

OTHER MATTERS

The management of the Fund knows of no other matters which are to be
brought before the Annual Meeting. However, if any other matters not now known
properly come before the Annual Meeting, it is the intention of the persons
named in the enclosed form of proxy to vote such proxy in accordance with their
judgment on such matters.

Very truly yours,

/s/ Nicholas Dalmaso

Nicholas Dalmaso
TRUSTEE, CHIEF LEGAL AND EXECUTIVE OFFICER

July 27, 2006

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APPENDIX A

OLD MUTUAL/CLAYMORE LONG-SHORT FUND

AUDIT COMMITTEE CHARTER

APPROVED JULY 18, 2005

I. PURPOSE

The Audit Committee is a committee of the Board of the Trust. Its primary
function is to assist the Board in fulfilling certain of its responsibilities.
This Charter sets forth the duties and responsibilities of the Audit Committee.

The Audit Committee serves as an independent and objective party to monitor
the Trust's accounting policies, financial reporting and internal control
system, as well as the work of the independent auditors. The Audit Committee
assists Board oversight of (1) the integrity of the Trust's financial
statements; (2) the Trust's compliance with legal and regulatory requirements;
(3) the independent auditors' qualifications and independence; and (4) the
performance of the Trust's independent auditors. The Audit Committee also serves
to provide an open avenue of communication among the independent auditors, Trust
management, the personnel responsible for internal audit functions and the
Board.

- Trust management has the primary responsibility to establish and
maintain systems for accounting, reporting and internal control.

- The independent auditors have the primary responsibility to plan
and implement a proper audit, including consideration of the
Trust's accounting, reporting and internal control practices.

The Audit Committee may have additional functions and responsibilities as
deemed appropriate by the Board and the Audit Committee.

Although the Audit Committee has the responsibilities and powers set forth
in this Charter, it is not the duty of the Audit Committee to plan or conduct
audits or to determine that the Trust's financial statements are complete and
accurate and have been prepared in accordance with generally accepted accounting
principles.

II. COMPOSITION

The Audit Committee shall be comprised of three or more board members as
determined by the Board, each of whom shall be an independent board member, and
free from any relationship that, in the opinion of the Board, would interfere
with the exercise of his or her independent judgment as a member of the Audit
Committee. For purposes of the Audit Committee, a board member is independent
if:

- he or she is not an "interested person" of the Trust as that term
is defined in the Investment Company Act of 1940; and

- he or she does not accept, directly or indirectly, any consulting,
advisory, or other compensatory fee from the Trust (except in the
capacity as a Board or committee member).

Each member of the Audit Committee shall be financially literate, as such
qualification is interpreted by the Board in its business judgment (or must
become financially literate within a reasonable time after his or her
appointment to the Audit Committee). The Audit Committee will review the
qualifications of its members and determine whether any of its members qualify
as an "audit committee financial expert" as defined in Form N-CSR. The Audit
Committee will submit such determination to the Board for its final
determination.

The members and Chairman of the Audit Committee shall be elected by the
Board annually and serve until their successors shall be duly elected and
qualified.

No member of the Audit Committee shall serve on the audit committee of
three or more public companies (or three or more investment company complexes)
in addition to his or her service on the Audit Committee of the Trust (excluding
service on the audit committees of other funds in the fund complex), unless the
Board determines that such simultaneous service would not impair the ability of
the Audit Committee member to serve effectively on the Audit Committee.

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III. MEETINGS

The Audit Committee shall meet two times annually, or more frequently as
circumstances dictate. Special meetings (including telephone meetings) may be
called by the Chairman or a majority of the members of the Audit Committee upon
reasonable notice to the other members of the Audit Committee.

As part of its job to foster open communication, the Audit Committee shall
meet annually with senior Trust management responsible for accounting and
financial reporting and the independent auditors in separate executive sessions
to discuss any matters that the Audit Committee, or any of such other persons,
believes should be discussed privately.

IV. RESPONSIBILITIES AND DUTIES

To fulfill its responsibilities and duties the Audit Committee shall:

A. CHARTER

Review this Charter, annually, and recommend changes, if any,
to the Board.

B. INTERNAL CONTROLS

1. Review, annually, with Trust management and the independent
auditors:

(a) the organizational structure, reporting relationship,
adequacy of resources and qualifications of the senior
Trust management personnel responsible for accounting and
financial reporting; and

(b) their separate evaluation of the adequacy and
effectiveness of the Trust's system of internal controls,
including those of the Trust's service providers.

2. Review, with Trust management and the independent auditors:

(a) the Trust's plan related to the Trust's systems for
accounting, reporting and internal controls;

(b) the responsibilities, resources and staffing with respect
to the activities in IV.B.2.(a) above; and

(c) any significant audit findings or recommendations related
to the Trust's systems for accounting, reporting and
internal controls and Trust management's response.

3. Monitor procedures for the receipt, retention and treatment of
complaints received by the Trust and/or the Audit Committee
regarding accounting, internal accounting controls or auditing
matters and the confidential, anonymous submission by officers
and trustees of the Trust or employees of the Adviser,
underwriter and any provider of accounting-related services to
the Trust of concerns regarding questionable accounting or
auditing matters.

4. Review, annually, with Trust management and the independent
auditors, policies for valuation of Trust portfolio
securities, and the frequency and magnitude of pricing errors.

C. INDEPENDENT AUDITORS

1. Approve, and recommend to the Board, the appointment,
retention or termination of the independent auditors, and
approve the fees and other compensation to be paid to the
independent auditors. Such selection shall be pursuant to a
written engagement letter approved by the Audit Committee.

2. Pre-approve any engagement of the independent auditors to
provide any non-prohibited services to the Trust, including
the fees and other compensation to be paid to the independent
auditors (unless an exception is available under Rule 2-01 of
Regulation S-X).

(a) The Chairman or any member of the Audit Committee may
grant the pre-approval of services to the Fund for
non-prohibited services up to $10,000. All such delegated
pre-approvals shall be presented to the Audit Committee
no later than the next Audit Committee meeting.

3. Pre-approve any engagement of the independent auditors,
including the fees and other compensation to be paid to the
independent auditors, to provide any non-audit services to the
Adviser (or any "control affiliate" of the Adviser providing
ongoing services to the Trust), if the engagement relates
directly to the operations and financial reporting of the
Trust (unless an exception is available under Rule 2-01 of
Regulation S-X).

A-2
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(a) The Chairman or any member of the Audit Committee may
grant the pre-approval for non-prohibited services to the
Adviser up to $10,000. All such delegated pre-approvals
shall be presented to the Audit Committee no later than
the next Audit Committee meeting.

4. On an annual basis, request, receive in writing and review a
report by the independent auditors describing:

(a) the independent auditors' internal quality-control
procedures;

(b) any material issues raised by the most recent internal
quality-control review, or peer review, of the
independent auditors, or by any inquiry or investigations
by governmental or professional authorities, within the
preceding five years, respecting one or more independent
audits carried out by the independent auditors, and any
steps taken to deal with any such issues; and

(c) all relationships between the independent auditors and
the Trust, so as to assess the auditors' independence,
including identification of all relationships the
independent auditors have with the Trust and all
significant relationships the independent auditors have
with the Adviser (and any "control affiliate" of the
Adviser) and any material service provider to the Trust
(including, but not limited to, disclosures regarding the
independent auditors' independence required by
Independence Standards Board Standard No. 1 and
compliance with the applicable independence provisions of
Rule 2-01 of Regulation S-X).

In assessing the auditors' independence, the Audit Committee
shall take into account the opinions of Trust management. The
Committee will present its conclusions with respect to the
independent auditors to the Board, and recommend that the
Board take appropriate action, if any, in response to the
independent auditors' report to satisfy itself of the
independent auditors' independence.

5. On an annual basis, review and evaluate the lead audit partner
(such review to include consideration of whether, in addition
to the regular rotation of the lead audit partner as required
by law, in order to assure continuing auditor independence,
there should be regular consideration of rotation of the firm
serving as independent auditors).

6. On an annual basis, meet with the independent auditors and
Trust management to review the arrangements for and scope of
the proposed audit for the current year and the audit
procedures to be utilized.

7. Review the management letter prepared by the independent
auditors and Trust management's response.

D. FINANCIAL REPORTING PROCESSES

1. Review with Trust management and the independent auditors the
Trust's semi-annual financial statements.

2. Review with Trust management and the independent auditors the
matters that auditing professional standards require to be
communicated to the Audit Committee, including, but not
limited to, the matters required to be discussed by Statements
on Auditing Standards No. 61, including:

- the independent auditors' judgments about the quality,
and not just the acceptability, of the Trust's accounting
principles as applied in its financial reporting;

- the process used by Trust management in formulating
estimates and the independent auditors' conclusions
regarding the reasonableness of those estimates;

- all significant adjustments arising from the audit,
whether or not recorded by the Trust;

- when the independent auditors are aware that Trust
management has consulted with other accountants about
significant accounting and auditing matters, the
independent auditors' views about the subject of the
consultation;

- any disagreements with Trust management regarding
accounting or reporting matters;

- any difficulties encountered in the course of the audit,
including any restrictions on the scope of the
independent auditors' activities or on access to
requested information; and

- significant deficiencies in the design or operation of
internal controls.

A-3
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3. The independent auditors shall report, within 90 days prior to
the filing of the Trust's annual financial statements with the
SEC, to the Audit Committee:

(a) all critical accounting policies and practices to be
used;

(b) all alternative treatments of financial information
within GAAP for policies and practices related to
material items that have been discussed with Trust
management, the ramifications of the use of such
alternative disclosures and treatments, and the treatment
preferred by the independent auditor;

(c) other material written communications between the
independent auditors and Trust management including, but
not limited to, any management letter or schedule of
unadjusted differences; and

(d) all non-audit services provided to an entity in the
"investment company complex" as defined in paragraph
(f)(14) of Rule 2-01 of Regulation S-X that were not
pre-approved by the Audit Committee.

4. Review, annually, with Trust management and the independent
auditors, the Trust's "disclosure controls and procedures" and
the Trust's "internal control over financial reporting" as
defined in Rule 30a-3(c) and (d) under the Investment Company
Act of 1940.

5. Review with Trust management and the independent auditors a
report by Trust management covering any Form N-CSR and Form
N-Q filed, and any required certification of such filing,
along with the results of Trust management's most recent
evaluation of the Trust's "disclosure controls and procedures"
and "internal control over financial reporting."

E. PROCESS IMPROVEMENTS

Review with the independent auditors and Trust management significant
changes or improvements in accounting and auditing processes that have been
implemented.

F. LEGAL AND COMPLIANCE

1. Review any legal or regulatory matters that arise that could
have a material impact on the Trust's financial statements.

2. Review policies and procedures with respect to financial
statement risk assessment and risk management, including the
steps Trust management has taken to monitor and control such
risk exposures.

3. Establish clear hiring policies for the Trust with respect to
employees or former employees of the independent auditors.

G. OTHER RESPONSIBILITIES

1. Review, annually, the performance of the Audit Committee.

2. Prepare a report of the Audit Committee as required to be
included in the annual proxy statement.

3. Investigate any other matter brought to its attention within
the scope of its duties, and have the authority in its
discretion to retain legal, accounting or other experts or
consultants to advise the Audit Committee, at the expense of
the Trust, if, in the Committee's judgment, that is
appropriate.

4. Perform any other activities consistent with this Charter, the
Trust's Charter, By-Laws and governing law, as the Audit
Committee or the Board deems necessary or appropriate.

5. Maintain minutes of Committee meetings; report its significant
activities to the Board; and make such recommendations to the
Board as the Audit Committee may deem necessary or
appropriate.

V. FUNDING

The Audit Committee shall receive appropriate funding, as determined
by the Audit Committee, for payment of (i) compensation to the independent
auditors for approved audit or non-audit services for the Trust; (ii)
compensation to any legal, accounting or other experts or consultants retained
by the Audit Committee pursuant to Section IV.G.3 above and (iii) ordinary
administrative expenses of the Audit Committee that are necessary or appropriate
in carrying out its duties.

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OLD MUTUAL/CLAYMORE LONG-SHORT FUND

BACKGROUND AND DEFINITIONS

FOR

AUDIT COMMITTEE CHARTER

APPROVED JULY 18, 2005

The following is supplemental information regarding the Audit Committee
Charter designed to provide the Audit Committee background information and
definitions to assist the Committee in fulfilling its responsibilities under the
Charter.

I. COMPOSITION

An "audit committee financial expert" of a company is defined as a person
who has all of the following attributes: (1) an understanding of generally
accepted accounting principles ("GAAP") and financial statements; (2) the
ability to assess the general application of GAAP in connection with the
accounting for estimates, accruals and reserves; (3) experience preparing,
auditing, analyzing or evaluating financial statements that present a breadth
and level of complexity of accounting issues that are generally comparable to
the breadth and complexity of issues that can reasonably be expected to be
raised by the company's financial statements, or experience actively supervising
one or more persons engaged in such activities; (4) an understanding of internal
controls and procedures for financial reporting; and (5) an understanding of
audit committee functions. An audit committee financial expert must have
acquired such attributes through any one or more of the following: (1) education
and experience as a principal financial officer, principal accounting officer,
controller, public accountant or auditor or experience in one or more positions
that involve the performance of similar functions (or active supervision of such
persons); or (2) experience overseeing or assessing the performance of companies
or public accountants with respect to the preparation, auditing or evaluation of
financial statements; or (3) other relevant experience.

Because the Trust is listed on the New York Stock Exchange, at least one
member of the Audit Committee must have accounting or related financial
management expertise, as the Board interprets such qualification in its business
judgment.

II. RESPONSIBILITIES AND DUTIES

Under Section 10A(h)(i)(1)(B) of the Securities Exchange Act of 1934 and
Rule 2-01 under Regulation S-X (Section (c)(7)), pre-approval of non-audit
services for the Trust pursuant to Section IV.C. 2 is not required, if:

A. the aggregate amount of all non-audit services provided to the
Trust is no more than 5% of the total fees paid by the Trust to the
independent auditors during the fiscal year in which the non-audit
services are provided;

B. the services were not recognized by Trust management at the time of
the engagement as non-audit services; and

C. such services are promptly brought to the attention of the Audit
Committee by Trust management and the Audit Committee approves them
(which may be by delegation) prior to the completion of the audit.

Under Section 10A(h)(i)(1)(B) of the Securities Exchange Act of 1934 and
Rule 2-01 under Regulation S-X (Section (c)(7)), pre-approval of non-audit
services for the Adviser (or any affiliate of the Adviser providing ongoing
services to the Trust) pursuant to Section IV.C.3 is not required, if:

A. the aggregate amount of all non-audit services provided is no more
than 5% of the total fees paid to the Trust's independent auditors
by the Trust, the Adviser and any "control affiliate" of the
Adviser providing ongoing services to the Trust during the fiscal
year in which the non-audit services are provided;

B. the services were not recognized by Trust management at the time of
the engagement as non-audit services; and

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<Page>

As used in Section IV.C.3, "control affiliate" means any entity
controlling, controlled by, or under common control with the Adviser.

"Investment company complex" includes: (1) an investment company and its
investment adviser or sponsor; (2) any entity controlled by or controlling an
investment adviser or sponsor in (1) above, or any entity under common control
with any investment adviser or sponsor in (1) above if the entity: (A) is an
investment adviser or sponsor or (B) is engaged in the business of providing
administrative, custodian, underwriter, or transfer agent services to any
investment company, investment adviser, or sponsor; and (3) an investment
company or entity that would be an investment company but for the exclusions
provided by Section 3(c) of the 1940 Act that has an investment adviser or
sponsor included in (1) and (2) above. Investment adviser does not include a
subadviser whose role is primarily portfolio management and is subcontracted
with or overseen by another investment adviser. Sponsor is an entity that
establishes a unit investment trust.

"Disclosure controls and procedures" means controls and other procedures of
a registered management investment company that are designed to ensure that
information required to be disclosed by the investment company on Form N-CSR and
Form N-Q is recorded, processed, summarized and reported, within the time
periods specified in the SEC's rules and forms. Disclosure controls and
procedures include, without limitation, controls and procedures designed to
ensure that information required to be disclosed by an investment company in the
reports that it files or submits on Form N-CSR and Form N-Q is accumulated and
communicated to the investment company's management, including its principal
executive officer or officers and principal financial officer or officers, or
person performing similar functions, as appropriate to allow timely decisions
regarding required disclosure.

"Internal control over financial reporting" is a process designed by, or
under the supervision of, the Trust's principal executive and principal
financial officers, or persons performing similar functions, and effected by the
Trust's Board, management and other personnel, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with GAAP and includes
those policies and procedures that:

A. Pertain to the maintenance of records that in reasonable detail
accurately and fairly reflect the transactions and dispositions of
the assets of the Trust;

B. Provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in
accordance with GAAP, and that receipts and expenditures of the
Trust are being made only in accordance with authorization of
management and directors of the Trust; and

C. Provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of the
Trust's assets that could have a material effect on the financial
statements.

The report to be prepared by the Audit committee to be included in the
annual proxy statement is governed by Item 306 of Regulation S-K, which requires
each proxy statement relating to a shareholder meeting at which directors are to
be elected to include a report, followed by the name of each Audit Committee
member, stating whether: (1) the Committee has reviewed and discussed the
audited financial statements with management, (2) the Committee has discussed
with the independent auditors the matters required to be discussed by SAS 61,
(3) the Committee has received the written disclosures and the letter from the
independent auditors required by Independence Standards Board Standard No. 1,
and has discussed with the independent auditors their independence, and (4)
based on the review and discussions referred to in paragraphs (1) through (3),
the Audit Committee recommended to the Board that the audited financial
statements be included in the Trust's annual report to shareholders required by
Section 30(e) of the Investment Company Act of 1940 and Rule 30d-1 thereunder.

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APPENDIX B

CLAYMORE FUNDS

NOMINATING AND GOVERNANCE COMMITTEE CHARTER

PURPOSES AND ORGANIZATION

The purpose of Nominating and Governance Committee (the "Committee") of the
Board of Trustees (the "Board") of each of the registered investment companies
listed in Appendix A hereto (the "Trust(s)") is to review matters pertaining to
the composition, committees, and operations of the Board. Members of the
Committee may not be "interested persons" of the Trust, as such term is defined
in the Investment Company Act of 1940, as amended ("Interested Persons").(1) The
Committee shall have the following duties and powers:

(1) To evaluate and recommend all candidates for election or
appointment as members of the Board and recommend the appointment
of members and chairs of each Board Committee.

(2) To review policy matters affecting the operation of the Board and
Board committees and make such recommendations to the Board as
deemed appropriate by the Committee.

(3) To evaluate periodically the effectiveness of the Board and Board
Committees and make such recommendations to the Board as deemed
appropriate by the Committee.

(4) To oversee the contract review process, including the review of the
Trust's investment advisory agreements and contracts with other
affiliated service providers.

The Committee shall receive appropriate funding as determined by the
Committee to carry out its responsibilities and shall have the authority to
retain experts, consultants or legal counsel as the Committee deems appropriate.

The Committee shall meet annually (or more frequently, if needed) and be
empowered to hold special meetings, as circumstances require. Any action of the
Committee shall be taken by the affirmative vote of a majority of the members.
Any action of the Committee may be taken without a meeting if at least a
majority of the members of the Committee consent thereto in writing.

QUALIFICATIONS FOR TRUSTEE NOMINEES

The Committee requires that Trustee candidates have a college degree or
equivalent business experience. The Committee may take into account a wide
variety of factors in considering Trustee candidates, including (but not limited
to): (i) availability and commitment of a candidate to attend meetings and
perform his or her responsibilities on the Board, (ii) relevant industry and
related experience, (iii) educational background, (iv) financial expertise, (v)
an assessment of the candidate's ability, judgment and expertise and (v) overall
diversity of the Board's composition.

IDENTIFICATION OF NOMINEES

In identifying potential nominees for the Board, the Committee may consider
candidates recommended by one or more of the following sources: (i) the Trust's
current Trustees, (ii) the Trust's officers, (iii) the Trust's investment
adviser(s), (iv) the Trust's shareholders (see below) and (v) any other source
the Committee deems to be appropriate. The Committee may, but is not required
to, retain a third party search firm at the expense of the Trust to identify
potential candidates. The Committee will not nominate a person for election to
the Board as a Trustee (unless such person is an "interested person," as defined
by the Investment Company Act of 1940) after such person has reached the age of
seventy-two (72).

CONSIDERATION OF CANDIDATES RECOMMENDED BY SHAREHOLDERS

The Committee will consider and evaluate nominee candidates properly
submitted by shareholders on the same basis as it considers and evaluates
candidates recommended by other sources. Appendix B to this Charter, as it may
be amended from time to time by the Committee, sets forth procedures that must
be followed by shareholders to properly submit a nominee candidate to the
Committee (recommendations not properly submitted in accordance with Appendix B
will not be considered by the Committee).

- ----------
(1) As contemplated by certain rules under the Investment Company Act of
1940, as amended, the selection and nomination of candidates for
election as members of the Board who are not Interested Persons shall be
made by the incumbent members of the Board who are not Interested
Persons.

B-1
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APPENDIX A

Claymore Trust

Claymore/Raymond James SB-1 Equity Fund

Fiduciary/Claymore Dynamic Equity Fund

Fiduciary/Claymore MLP Opportunity Fund

Old Mutual/Claymore Long-Short Fund

TS&W / Claymore Tax-Advantaged Balanced Fund

B-2
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APPENDIX B

PROCEDURES FOR SHAREHOLDERS TO SUBMIT NOMINEE CANDIDATES

A Trust shareholder must follow the following procedures in order to
properly submit a nominee recommendation for the Committee's consideration.

1. The shareholder must submit any such recommendation (a "Shareholder
Recommendation") in writing to the Trust, to the attention of the
Secretary, at the Address of the principal executive offices of the
Trust.

2. The Shareholder Recommendation must be delivered to or mailed and
received at the principal executive offices of the Trust not less than
one hundred and twenty (120) calendar days nor more than one hundred
and fifty (150) calendar days prior to the date of the Board or
shareholder meeting at which the nominee would be elected.

3. The Shareholder Recommendation must include: (i) a statement in
writing setting forth (A) the name, age, date of birth, business
address, residence address and citizenship of the person recommended
by the shareholder (the "candidate"); (B) the class or series and
number of all shares of the Trust owned of record or beneficially by
the candidate, as reported to such shareholder by the candidate; (C)
any other information regarding the candidate called for with respect
to director nominees by paragraphs (a), (d), (e), (f) of Item 401 of
Regulation S-K or paragraph (b) of Item 22 of Rule 14a-101 (Schedule
14A) under the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), adopted by the Securities and Exchange Commission (or
the corresponding provisions of any regulation or rule subsequently
adopted by the Securities and Exchange Commission or any successor
agency applicable to the Trust); (D) any other information regarding
the candidate that would be required to be disclosed if the candidate
were a nominee in a proxy statement or other filing required to be
made in connection with solicitation of proxies for election of
Trustees or directors pursuant to Section 14 of the Exchange Act and
the rules and regulations promulgated thereunder; and (E) whether the
recommending shareholder believes that the candidate is or will be an
"interested person" of the Trust (as defined in the Investment Company
Act of 1940, as amended) and, if not an "interested person,"
information regarding the candidate that will be sufficient for the
Trust to make such determination; (ii) the written and signed consent
of the candidate to be named as a nominee and to serve as a Trustee if
elected; (iii) the recommending shareholder's name as it appears on
the Trust's books; (iv) the class or series and number of all shares
of the Trust owned beneficially and of record by the recommending
shareholder; and (v) a description of all arrangements or
understandings between the recommending shareholder and the candidate
and any other persons (including their names) pursuant to which the
recommendation is being made by the recommending shareholder. In
addition, the Committee may require the candidate to furnish such
other information as it may reasonably require or deem necessary to
determine the eligibility of such candidate to serve on the Board.

B-3
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PROXY TABULATOR
P.O. BOX 9132
HINGHAM, MA 02043-9132

SOLICITED BY THE BOARD OF TRUSTEES
OLD MUTUAL/CLAYMORE LONG-SHORT FUND
ANNUAL MEETING OF SHAREHOLDERS
AUGUST 31, 2006

COMMON

The annual meeting of shareholders of Old Mutual/Claymore Long-Short Fund
(the "Fund") will be held at the offices of the Fund, 2455 Corporate West
Drive, Lisle, Illinois, 60532, on Thursday, August 31, 2006, at 11:30 A.M.
Central time (the "Annual Meeting"). The undersigned hereby appoints
Nicholas Dalmaso and Melissa Nguyen, and each of them or their respective
designees, with full power of substitution and revocation, as proxies to
represent and to vote all shares of the undersigned at the Annual Meeting and
all adjournments thereof, with all powers the undersigned would possess if
personally present, upon the matters specified on the reverse side.

SHARES REPRESENTED BY THIS PROXY WILL BE VOTED AS DIRECTED: IF NO DIRECTION
IS INDICATED AS TO THE PROPOSAL, THE PROXY SHALL VOTE FOR SUCH PROPOSAL. THE
PROXY MAY VOTE AT THEIR DISCRETION ON ANY OTHER MATTER WHICH MAY PROPERLY
COME BEFORE THE MEETING.

Please mark, date, sign & return the proxy
promptly in the enclosed envelope.

Date __________________, 2006

Signature (Sign in the Box)

For joint registrations, both parties should sign.

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Please fill in a box as shown using black or blue ink or number 2 pencil. /X/
PLEASE DO NOT USE FINE POINT PENS.

<Table>
<Caption>
FOR ALL
NOMINEES WITHHOLD
EXCEPT AS AUTHORITY
MARKED TO THE to vote
CONTRARY AT for all
LEFT. nominees.

1. Election of Trustees

(01) Matthew J. Appelstein, (02) Randall C. Barnes / / / /
</Table>

Instructions: To withhold authority to vote for any nominee(s), write the
number of the nominee(s) on the line below.

PLEASE SIGN AND DATE ON THE REVERSE SIDE.